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How To Identify The Best Franchise Resale Opportunity

It is not a case of finding the best Franchise REsale, but the best Franchise REsale that suits YOU. In order to find your ideal franchise REsale you need to ask yourself the same questions you would ask when considering buying a new franchise.

No two people are the same so it makes sense that not everyone will be suited to the same franchise. Don’t just jump at the first franchise name you recognize or consider to be a “good” franchise, as what is right for one person may not be right for you. While one person can make a success out of running a McDonald's franchise, if you don’t like retail or want to be less hands-on, then it could be a disaster. So no matter how good the brand is perceived to be, if it is not right for you then you will struggle to make a success out of it.

A franchise is only a success if the franchisees are successful. This is why a good franchisor will spend a lot of time and money in recruiting only those who are right for their business. In some instances can only take one bad franchisee to ruin or put a massive dent in the reputation of the franchise.

The question “what is the best franchise resale for me” therefore requires a lot of consideration and self-analyzing. To help you find the right franchise business for you then you need to ask yourself the following:

What do you like doing? As you will be working many hours in the franchise over a long period of time, you need to make sure that you would enjoy the work. List all your likes and dislikes, and then keep them at hand when researching opportunities. E.g. if you don’t like being stuck in an office every day, then you can discard any that encourage this. Or maybe you like being hands-on, again there are many franchises that require a hands-on owner.

What are your strengths and weaknesses? Again list all of your strengths and weaknesses. Are you good at managing people? Selling? Talking on the telephone? Working in a team? Head for figures? Meeting clients face to face? Use your strengths to help identify franchises that you may be suited to.

What type of environment do you want to work in? Do you want to work in retail, b2b establishment, an office or from home? Or maybe you want to spend most of your time in a vehicle? Do you want to manage from afar? Would you be happy working in a team or by yourself?

What industries interest you? List all the industries you would like to work in e.g. fast food, business services, real estate, finance, children, pets, beauty, automotive, recruitment, etc? Consider whether you want to work in an industry in which you have experience or do you want to try something new? A benefit of franchising is that you don't need experience in a particular industry to buy a franchise as you will be trained in all aspects of the business.

How much money do you have to invest? Knowing what you can afford will help you to narrow down your list of franchises. E.g. Retail franchises are expensive so if you do not have much money, then you should rule these out. Home based franchises and mobile franchisees will tend to require less investment.

Where geographically do you want to work? Are you happy to travel a distance every day or do you want to work close to home? It may sound like a stupid question as most of us would like to travel less and spend more time at home. But what if your ideal franchise is not near you, what is more important, getting that franchise or spending time with your family and looking at another option?

If you take considerable time to answer all of these questions truthfully, then you will start to identify the type of franchises that would interest you and be right for you. Spending time now doing extensive research will help you to not make costly mistakes in the future.

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